Leading international law firm Allens is seeking applications for its new legal accelerator, Auctus – Allens Legal Accelerator, launched in partnership with corporate innovation consultancy and startup accelerator Collective Campus. The accelerator offers innovators and entrepreneurs from Australia and around the world the opportunity to develop their ideas and solve real business challenges with the backing of Allens' expertise and support.
Allens has ranked in the top 10 most innovative professional services firms in the AFR BOSS Most Innovative Companies list for the past three years, and works extensively with the startup community through its Allens Accelerate practice for startups, scaleups and investors. It is no surprise they are looking to invest in working with startups given venture investments into LegalTech startups increase by a factor of 20 over the past six years
Auctus – Allens Legal Accelerator is seeking startups with solutions to the following two challenges:
Challenge #1: Contract creation and management
Legal contracts are static, highly manual to create and manage, and difficult to analyse at scale. This creates difficulties for law firms and clients alike in both managing existing contracts effectively and making sure their legal agreements are the best they can be, for all parties and stakeholders. The program is interested in solutions that can help us enhance contract management, reduce manual work and decrease time spent creating contracts.
Challenge #2: Risk assessment, management and compliance
There is increasing demand among businesses for detailed advice on risk exposure and compliance response. However, there are significant technical and operational barriers to identifying, assessing and prioritising risks, and setting and simplifying compliance controls, as part of a risk management framework. Similarly, businesses find it difficult to both operationalise and culturally embed these practices and mindsets. The program is interested in solutions that can help us support our clients in understanding their risk and compliance issues and embedding processes for ongoing management.
Auctus - Allens Legal Accelerator will consist of an online application process and virtual pitch event. Startups that are successful at the pitch event will then be invited to a virtual eight-week accelerator offering a combination of expert advice, an education program and facilitated access to the Allens network.
Successful startups that are invited to join the eight-week accelerator program will receive the following benefits:
Legal expertise - Allens mentors and experts can provide expert coaching in how best to interact with the legal marketplace and improve your product.
Growth expertise - Allens and its ecosystem of innovators, partners and clients can provide strategic advice, education and support. For some startups there may be opportunities to discuss further strategic engagement with the firm or potential investors.
Masterclasses - Eight intensive learning sessions specifically focused on sustained growth and expansion. Core components include product, technology, finance, IP, pitching and more.
Mentorship - Startups in our cohort will have formal mentoring relationships set up with experts in legal, knowledge management and innovation.
Introductions - Facilitated strategic introductions to Allens' extensive networks in Australia and around the world. This may also include tours and information exchanges to meet potential customers.
Testing access - Startups can refine, test and gain rapid feedback on their product from a top tier firm.
Startups and scaleups that can solve either of these challenges are encouraged to apply to the program at (www.allensauctus.com) by December 11th.
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